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Hungary signs project support agreement on Nabucco pipeline

Energy ministers of transit countries, including Hungary, signed project support agreements on the Nabucco pipeline in the Turkish city of Kayseri on Wednesday, finalizing the legal framework for the investment, Nabucco Gas Pipeline International said in a statement.

The project support agreements are bilateral legal conventions between Nabucco companies and the governments of transit countries. They can be seen as a "significant step" in the development of the Nabucco gas pipeline, according to the announcement.

Nabucco transit countries include Austria, Hungary, Bulgaria, Romania and Turkey.

National Development Minister Tamás Fellegi, who signed Hungary's project support agreement, said the occasion offered an opportunity to discuss new notions raised recently.

Among these are expanding the project in both directions, and bringing new members into the consortium because of the related higher costs, he added.

The Nabucco is an important chance to reinforce the secure supply of Europe's energy market and diversify its sources of gas, Fellegi said.

The planned Nabucco pipeline will pump gas from Central Asia to Europe, reducing the region's energy dependence on Russia.